Question 17 0.5 pts On January 1, a company issued $6,250,000 of 6%, 5-year bonds for $5,520,690. Interest is payable annually on January 1. The effective interest rate on the bonds is 9%. Use the effective-interest method to determine the amount of interest expense for the first year. O $496,862 $527,842 O $562,500 O $375,000 O $331,241 Previous Next MacBook Air